Karnataka Bank reduces base by 0.5 percentage points

Mangalore Today News Network

Mangaluru, Oct 2, 2015 :  As per reports,  Private sector lender Karnataka Bank has lowered lending rate for the second time in the current fiscal. Following RBI slashing its key interest by 0.5 percentage points sept 29. City-based Karnataka Bank cut its base rate by 25 bps to 10.25% from 10.50%. The revised rate will come into effect from October 5.

The reduction in base rate will make loans cheaper and thereby reduce EMIs for customers. The revised base rate will be applicable to new as well as existing loans,  said P Jayarama Bhat, managing director and chief executive officer of the bank.